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SALT LAKE CITY -On Wednesday, PROG Holdings , Inc. (NYSE:PRG) reported better-than-expected fourth quarter results but saw its shares plunge -8.64% after issuing disappointing guidance for 2025.
The fintech holding company posted adjusted earnings per share of $0.80 for Q4, beating analyst estimates of $0.77. Revenue came in at $623.3 million, surpassing expectations of $614.39 million and rising 8% year-over-year.
However, PROG’s outlook for 2025 fell short of Wall Street projections. The company forecast full-year earnings per share of $3.10-$3.50, below the consensus estimate of $3.88. Revenue guidance of $2.51-2.59 billion also missed analysts’ expectations of $2.62 billion.
For the first quarter, PROG sees EPS of $0.80-$0.85 on revenue of $665-685 million, compared to consensus estimates of $0.99 EPS and $682.2 million in revenue.
"We finished 2024 with an excellent fourth quarter, delivering a third consecutive quarter of strong GMV growth," said CEO Steve Michaels. He noted that 2024 was a "successful year, driven by better-than-expected GMV growth, disciplined portfolio management, cost efficiencies, and continued execution on multiple strategic fronts."
PROG’s Progressive Leasing segment saw gross merchandise volume rise 9.1% YoY to $597.5 million in Q4. The company ended the quarter with $95.7 million in cash and $650 million in gross debt.
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